Panaji (Goa): Failed by the Investment Promotion Board, GTDC now has to resort to regular process to execute its ambitious ropeway project linking Panaji to Reis Magos.

“We had moved the proposal before IPB to get the project of ropeway executed faster. But now since they have refused it, we will have to go through regular process to get it sanctioned,” GTDC Chairman Nilesh Cabral said.

The ropeway project costing Rs 100-crore was connecting Panaji to Reis Magos across River Mandovi. GTDC had conceived this project which was supposed to be executed on Design, Build, Finance, Operate and Transfer basis. It had also signed an agreement with a private firm Royal Rides Private Limited which was supposed to implement the project.

Cabral said that the GTDC has already acquired around 300 square metres of the land for the project which will have to be converted by putting up proposal before State Town and Country Planning Board.

“This is a green project and hence I see no reason to get is scuttled during the regular process. It is not an industry but the project of the State government to promote tourism,” he said.

Cabral said that the ropeway was also a dream project of Parrikar.

Ropeway project was cleared during former Laxmikant Parsekar led government. Besides regular bogies taking people over picturesque Mandovi River, the project will also have 4Dimension Acquarium, Revolving Restaurant, Artificial Skiing and others.